Eagle Asset Management Inc. reduced its position in shares of Sysco Corp. (NYSE:SYY) by 8.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,619,911 shares of the company’s stock after selling 147,991 shares during the period. Eagle Asset Management Inc.’s holdings in Sysco Corp. were worth $79,391,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of the stock. Cribstone Capital Management LLC purchased a new position in Sysco Corp. during the second quarter worth $102,000. Jolley Asset Management LLC raised its position in Sysco Corp. by 25.4% in the second quarter. Jolley Asset Management LLC now owns 2,150 shares of the company’s stock worth $109,000 after buying an additional 435 shares during the period. Tuttle Tactical Management LLC purchased a new position in Sysco Corp. during the second quarter worth $126,000. Global X Management Co. LLC raised its position in Sysco Corp. by 175.4% in the second quarter. Global X Management Co. LLC now owns 2,542 shares of the company’s stock worth $129,000 after buying an additional 1,619 shares during the period. Finally, Bruderman Asset Management LLC raised its position in Sysco Corp. by 2.5% in the second quarter. Bruderman Asset Management LLC now owns 2,788 shares of the company’s stock worth $141,000 after buying an additional 68 shares during the period. Hedge funds and other institutional investors own 76.18% of the company’s stock.
Sysco Corp. (NYSE:SYY) traded up 0.69% during mid-day trading on Friday, reaching $53.93. The company had a trading volume of 1,262,884 shares. Sysco Corp. has a 12 month low of $38.84 and a 12 month high of $54.66. The firm has a market capitalization of $29.50 billion, a P/E ratio of 29.83 and a beta of 0.49. The stock’s 50-day moving average is $50.19 and its 200 day moving average is $50.43.
Sysco Corp. (NYSE:SYY) last posted its earnings results on Monday, November 7th. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.09. The firm earned $14 billion during the quarter, compared to analyst estimates of $13.88 billion. Sysco Corp. had a net margin of 1.99% and a return on equity of 35.49%. Sysco Corp.’s revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 EPS. On average, analysts predict that Sysco Corp. will post $2.43 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 27th. Stockholders of record on Friday, January 6th will be paid a $0.33 dividend. This is a positive change from Sysco Corp.’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Wednesday, January 4th. Sysco Corp.’s dividend payout ratio is currently 68.13%.
A number of research firms recently weighed in on SYY. Bank of America Corp. set a $54.00 price objective on shares of Sysco Corp. and gave the company a “hold” rating in a research report on Saturday, September 17th. Pivotal Research raised their target price on Sysco Corp. from $45.00 to $53.00 and gave the company a “hold” rating in a report on Tuesday, November 8th. Argus raised their target price on Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 19th. Barclays PLC started coverage on Sysco Corp. in a report on Friday, September 23rd. They issued an “underweight” rating and a $48.00 target price for the company. Finally, BMO Capital Markets set a $56.00 target price on Sysco Corp. and gave the company a “hold” rating in a report on Wednesday, November 9th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. Sysco Corp. currently has an average rating of “Hold” and a consensus target price of $52.63.
In related news, insider Paul T. Moskowitz sold 74,271 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $51.40, for a total transaction of $3,817,529.40. Following the completion of the sale, the insider now directly owns 78,695 shares of the company’s stock, valued at $4,044,923. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Greg D. Bertrand sold 16,500 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $50.79, for a total transaction of $838,035.00. Following the sale, the senior vice president now directly owns 57,491 shares of the company’s stock, valued at $2,919,967.89. The disclosure for this sale can be found here. 8.81% of the stock is currently owned by insiders.
Sysco Corp. Company Profile
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.